SOLUTION: Jess owes the bank some money at 8 % /year, after half a year she paid P3, 500 as interest. How much money does she owe the bank?

SOLUTION: Jess owes the bank some money at 8 % /year, after half a year she paid P3, 500 as interest. How much money does she owe the bank?

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Question 1178399: Jess owes the bank some money at 8 % /year, after half a year she paid P3, 500 as interest. How much money does she owe the bank?
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
Interest = P*R*T
3500 = P*0.08*(1/2)
P=7000/0.08
P 87,500
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